Understanding an Award Package

If you're planning to go to college, then you need to consider all of the financial issues that go along with it. College certainly isn't cheap, so you'll need to think about what kind of financial aid you are going to receive to fund your education. If you can understand just what you are being offered, then you can make some decisions on how you want to proceed with your education. Before you accept anything, you should make sure that you understand your awards package.

When it comes to financial aid, there are a lot of different ways that you can receive funds to pay for your education. There are going to be some types of awards that you might not be familiar with, so it's important to take your time and look over everything carefully. If you misunderstand something, then you could end up not having the money that you need to fund your studies. It's best for you to be really careful and take your time looking over all of your offers before you decide.

Components of Your Award Package

Once your application for financial aid has gone through, you're going to get an award package that will detail all of the funding you're going to get. One of the most popular components of award packages are scholarships. These funds can be awarded for academic achievement or for a particular talent at a sport or other activity. Scholarships can often range from small amounts to covering the whole cost of your tuition. This is money that you will not have to pay back, but you may need to keep up your enrollment and your grades in order to keep it.

Another type of award that my be listed on your award package is a grant. This is money that is usually given to students by the government based on their financial situations. This too is money that you aren't going to have to pay back. However, you need to make sure that you keep up with enrollment requirements as well. If you drop out, then you could be responsible for paying some of this money back. It's best for you to keep a good standing in school so that you can continue to receive grants.

Another type of award that is likely to be listed on your award package is student loans. This type of financial aid you will have to pay back, but you can get some help with the interest rates on your loans. Some loans that are subsidized by the government will not accumulate any interest while you are in school, so it will cost you less to borrow this type of money. When it comes down to it, you may not need to get many loans if the other awards in your package are great enough. Look over all of these sums before you make a decision.

Consider Federal Work Study

You might also be offered some federal work study opportunities in your financial award package. This type of award will allow you to work on campus and receive a paycheck for the work that you do. This is a great way to get more money for your education and to learn some responsibility. Make sure that you do what you can to when it comes to fully understanding an award package. You won't be able to make any final decisions unless you take the time to do this, so it's important that you clear your schedule and sit down to review everything.